A lot of ridiculous stuff finds its way into our national dialogue when the facts become troubling to one side or another in our great debate. One of the more laughable assertions came from conservatives not long after the subprime mortgage crisis began to make headlines. Even some mainstream pundits picked up on the ridiculous line of reasoning that the subprime mortgage mess was not the result of lax regulation and a loosening of the rules on Wall Street advocated by conservatives. Instead, liberals were to blame because the Community Reinvestment Act and the rules governing mortgage backers Fannie Mae and Freddie Mac encouraged lending to people who had no business owning a home.
Despite more than three years and a recovering market, the financial meltdown of 2008 still has many Americans worried about their retirement. A third of adults of all ages say that running out of money is their top retirement concern, according to a survey that Franklin Templeton Retirement Income Strategies and Expectations.
Since the financial market meltdown, merger and acquisition activity has tumbled off the once-sacred cliffs of deal-making. Private company merger and acquisition transactions are down 58 percent year-over-year, as shown in the Alliance of Merger & Acquisition Advisors survey results.
It's time for a serious housecleaning at the Fed. A recent audit by the General Accountability Office found a lack of transparency at the Federal Reserve. That's putting it mildly. There's no excuse for the shady dealings at the central bank - reform is long overdue. Government auditors were most disturbed by the long list of characters appearing on the boards of both the regional Fed Reserve banks and the banks bailed out by the Fed. They weren't too happy about the waivers granted and the number of contracts awarded without a competitive process, either. The report was careful to point out that guidelines were followed in the $1 trillion bailout that followed the financial-market meltdown that began in 2008, but in classic bureaucratic deadpan, GAO stated "opportunities exist to stren...
Last fall's latest banking scandal revealed foreclosure lawyers backdating mortgage documents and faking affidavits to courts in order to evict families and resell their homes. After more than two years of stories on the subprime mortgage crisis, readers may have wearied. Was the resulting financial meltdown an unavoidable market accident -- as former Federal Reserve chairman Alan Greenspan called it, a "once-in-a-century credit tsunami"?
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